Estate Settlement
Oct 23, 2024
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As an executor of a will, it’s important to have an oversight of the costs that will come your way when going through probate in Florida.
In this article, we'll discuss the fees associated with settling an estate so you can better understand and prepare for what might be a lengthy and costly process. Probate fees in Florida can vary depending on the size and complexity of the estate, but knowing ahead of time can help you plan and budget for the process.
When settling an estate in Florida, the most significant cost during probate is the attorney fees. While there are other costs such as court costs, PR fees, accounting fees etc., most expenses incurred during a probate proceeding can be traced back to the attorney’s fees.
This is because Florida law requires that most probate cases be represented by an attorney, making these fees an often necessary part of the process.
According to Florida law, section 733.6171(3) the following fee structure below is the guideline for a reasonable attorney fee:
Example 1:
if you are an executor probating an estate worth $1,500,000 - here’s how the reasonable attorney fees are calculated:
Estate value: $1,500,000
First $100,000 - $3,000.
Remaining estate value: $1,400,000
Next $900,000 - $27,000
900,000 x 0.03 = 27,000
Remaining estate value: $500,000
500,000 x 0.025 = $12,500
Last 500,000 - $12,500
Total:
+27000
+12500
+3000
= $42,500
For an estate worth $1,500,000 probate attorneys in Florida are entitled to charge $42,500 for their estate settlement fees.
Example 2:
If you are an executor of an estate worth $700,000 - here is how you will calculate a reasonable attorney fee:
Estate value: $700,000
First $100,000 - $3,000.
Remaining estate value: $600,000
Last 600,000 x 0.03 = $18,000
Total:
+18000
+3000
= $21,000
For an estate worth $700,000 probate attorneys in Florida are entitled to charge $21,000 for their estate settlement fees.
As you can see, the number of reasonable attorney fees will vary depending on the estate's value. If you have any questions about how to calculate reasonable attorney fees for your particular situation, it is best to consult with an experienced probate lawyer.
The costs of probate can vary greatly depending on the size and complexity of the estate. However, there are some general costs that are typically associated with probating a Will.
These costs can include:
In addition, if the deceased owned assets in multiple jurisdictions, there may be additional probate costs incurred in those states as well.
While the average estate spends around $30,000 in probate fees, it is not uncommon for larger estates to incur significantly higher costs. This is especially true if someone challenges the Will in court. Therefore, it is important to be aware of the potential costs involved in probating a Will before beginning the process.
At Clearestate, we understand that the loss of a loved one can be a difficult and emotional time. We also know that dealing with the legal and financial aspects of an estate can be complicated and time-consuming.
That’s why we offer a flat fee pricing model for our estate settlement services, so you can choose the option that best meets your needs. This allows you to know in advance how much the total estate administration will cost.
No matter what type of estate you’re dealing with, we will work with you to find the best solution for your situation. Contact us today to learn more about our probate services and pricing options.
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